Rising demand for food continues to impose heavy burdens on the agricultural sector, the progress of which remains largely dependent on uncertain entities such as weather, quality of soil and effectiveness of farming practices. However, farmers from several parts of the world rely on tractors for being the most essential agricultural machinery. By undertaking heavy fieldwork operations, tractors have emerged as a robust commodity in the global agriculture industry.
New range of tractors entering the market are exhibiting higher efficiency in terms of fuel consumption and performance. Manufacturers are also focusing on lowering the carbon footprint of tractors for supporting their utility in sustainable farming. Furthermore, farmers are enrolling into training programs for extending their abilities in operating advanced tractors that come with a range of functionalities beyond their conventional purpose in tilling, plowing and harrowing.
Fact.MR observes that the adoption of tractors witnessed an impressive growth in the past decade. According to its forecast study, the global market for tractors is assessed to witness sales of over 3,100 thousand units of tractors by the end of 2026. The study also foresees that during the period, 2017-2026, the global tractors market will reflect a CAGR of 3.2% in terms of value. In 2017 and beyond, around 30% of tractors sold globally will be equipped with 60-140 HP engines. The report identifies that increasing adoption of large-scale farming is driving the need for tractors with high power engines. Governments are providing lucrative funding for large-scale farming, which extends the budgets of farmers in buying tractors with high power engines. From the manufacturing standpoint, high prices of 60-140 HP tractors will translate into high profit margins in the view of their growing sales. The demand for 140-400 HP tractors is also pegged to surge towards the end of the forecast period. By the end of 2026, nearly 330 thousand units of 140-400 HP tractors are pegged to be sold globally.
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Majority of tractors manufactured globally will be developed on a hydraulic mechanism. The advantages of hydraulic tractors in terms of efficient fuel and fluid transmissions, economical utility and conservative power consumption will drive their sales in the near future. Throughout the forecast period, more than 50% of tractors sold globally will be developed on hydraulic mechanism. It is further estimated that gardening application of tractors will gain traction through 2026. Over the forecast period, garden tractors are expected to reflect the highest volume CAGR of 3.7%, reflecting rampant adoption. The report also foresees that utility tractors will be a high volume growth application in the global market. By the end of 2026, more than 740 thousand units of utility tractors are pegged to be sold worldwide.
Leading manufacturers of tractors are expected to focus on improving the safety of tractors by incorporating technologies and remodeling the structure of tractors, thereby eliminating the chances of rollovers. Companies such as Caterpillar, Deere & Company, Tractors and Farm Equipment Limited, Kubota Corporation, AGCO Corporation, Claas KGaA mbH, New Holland, McCormick Tractor, Escorts Limited., Bobcat (a Doosan company), Mahindra & Mahindra Limited, KIOTI Tractor (subsidiary of Daedong Industrial Company, Ltd.), Yanmar America Corporation and JCB, are observed as the key manufacturers of tractors in the world. With the advent of autonomous driving technologies, self-driving tractors will be penetrating the agricultural machinery industry in the near future. Driverless tractors will revolutionize the global landscape for tractor manufacturing. Advanced sensors and IoT technologies will be integrated with tractors to transform their functioning for meeting the future farming needs.
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Tractors Market Share, Growth by Top Company Forecast to 2026
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